Central Board of Direct Taxes (CBDT) has notified a REVISED FORM 26AS. Earlier Finance Minister Nirmala Sitaraman said in her Budget 2020 that the income tax department will provide a comprehensive annual information statement for all the financial transactions done by a taxpayer in a particular financial year that needs to be mentioned in the ITR. In order to provide such a facility, a new section 285BB was introduced. CBDT inserts a new Rule 114-I which is in effect from 1st June 2020 and it also omits Rule 31B from the Income Tax Rules. In this article, we are going to read about some basic idea about Form 26 AS and what are the changes in the revised form 26AS.
What is Form 26 AS?
- This is basically a tax credit statement against a PAN.
- It contains details of tax deducted at source (TDS)
- It contains details of tax collected at source by collectors (TCS)
- It contains details of Advance Tax Paid
- It contains details of Self Assessment Tax paid
What are the Changes in Revised Form 26 AS ?
Revised From 26 AS shall contain the following information:-
| Sl. No | Nature of information |
| 1. | Information relating to tax deducted or collected at source (TDS or TCS) |
| 2. | Information relating to specified financial transaction (SFT) |
| 3. | Information relating to payment of taxes |
| 4. | Information relating to demand and refund |
| 5. | Information relating to pending proceedings |
| 6. | Information relating to completed proceedings |
| 7. | Any other information in relation to sub-rule (2) of rule 114-I |
- The Revised Form 26 AS is made applicable from the financial year 2020-21.
- The Revised Form 26 AS is comprehensive and information this is basically an Annual Information Statement
- The Revised Form 26 AS shall contain information relating to assessee's specified financial transactions.
- Specified Financial Transactions includes
- Purchase of Shares/Securities
- Purchase of properties
- Taking or Accepting loan or Deposit of an amount which may be prescribed.etc
- The Revised Form shall also include details of income tax demand and refund.
- It shall also include details of proceedings pending and proceedings completed i.e assessment, reassessment under section 148, 153A & 153C revision , appeal
- This revised Form 26 AS will also contain Mobile Number, Email Id and ADHAR Number of the taxpayer.
- Now it will be difficult for any taxpayer to hide information from any bank/ financial institution/about any defaults or proceedings under any law.
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[Disclaimer:-This article is being furnished for informational purposes only. We make every effort to use reliable & comprehensive information, but we do not represent that the contents of the article are accurate or complete.]
